Vinythai Public Company Limited (VNT) has announced that on March 18, 2021, the company received a letter of tender offer from AGC Inc. (AGC) and PTT Global Chemical Public Company Limited (PTTGC), which are VNT’s major shareholders holding 58.78% and 24.98% of the company’s total issued and paid-up shares, respectively.
According to the letter, AGC and PTTGC indicated their intention to consider the delisting of VNT’s securities from the SET. In this regard, PTTGC will make a tender offer for the entire securities of the company for the purpose of delisting from the SET at the price of Bt39.00/share, under which GC will purchase a total number of the ordinary shares tendered in such tender offer.
In addition, VNT stated that AGC will not tender any of its 696,663,509 shares in the company in the tender offered by PTTGC.
VNT added that the delisting of securities will reduce the obligations to comply with the relevant rules and regulations that the Company is required to follow as a listed company on the SET and increase the flexibility of its business operations, including reducing any expenses and fees associated with maintaining the listed company status on the SET.
Moreover, the delisting of securities is expected to speed up the Company’s decision-making process and enhance its ability to address changes in the business environment.
Yesterday, VNT closed flat at ฿36.75/share, while rose 14.95% YTD.